U.S. Bancorp to redeem $500 million of its trust preferreds on July 28

By Toni Weeks

San Diego, June 28 - U.S. Bancorp plans to redeem $500 million of its USB Capital XIII 6.625% trust preferred securities on July 28, according to an 8-K filing with the Securities and Exchange Commission.

The redemption price will be $1,000 per trust preferred plus accrued distributions.

The company said it determined that a regulatory capital event has occurred, entitling it to redeem junior subordinated debentures and the underlying trust preferred securities.

The preferreds will no longer qualify as tier 1 capital for the company.

The redemptions will be funded with general corporate reserves.

Minneapolis-based U.S. Bancorp is a financial holding company and the parent company of U.S. Bank.

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